Does this sound unrealistic? Then remember the figure I quoted in response to the second question: $17 Trillion [PDF]. That's how much money the US government has given to the banks since this crisis began, according to Nomi Prins. It's such a huge number that it's hard to fathom what that means. Let's put it in perspective. On May 30, the cost of the wars in Iraq and Afghanistan hit a total of $1 trillion. So the bailouts have cost about 17 "wars on terror," in just a year and a half.
The group Rethink Afghanistan made a Facebook application that suggests alternative ways we could have spent that 1 trillion dollars wasted on war. On the list: $12 billion to "hire every worker in Afghanistan for a year," $930 million to clean up the BP oil spill, $23 billion for "health care for 1 million children for one year," and the list goes on. The website Global Issues also estimates the following costs for universal access in all the world's poor countries: $9 billion to provide clean drinking water and sanitation, $12 billion for reproductive health for all women, and $13 billion for basic health and nutrition. Even if these figures are underestimated, it seems clear that we could eradicate global poverty and eliminate the conditions that breed terrorists for just a fraction of the cost of occupying the Middle East with US soldiers and keeping capitalism on life support.
What would you do with $18 trillion? I trust the reader could come up with all kinds of good ideas! For myself I want to see every community self-sufficient with electricity and heat, coming from clean and renewable energy sources. Let's make solar panels, wind turbines, geothermal, passive solar, and most importantly, energy efficiency, available to everyone regardless of income.
We have the resources. We have the technology. All we need is the power to change these priorities. Every day, people all over the world work towards gaining this power. Impoverished communities, youth and students, people of color, disabled folks, women and trans folks, workers, lesbian, gay and queer folks, religious and ethnic minorities, indigenous communities, and allies are organizing daily to end the trauma of capitalism and move towards a society that values life. This struggle is as old as time. As long as oppression has existed in the world, people have been organizing to undo it.
If the End of Capitalism Theory is correct, then right now we find ourselves at a historic crossroads, where the old order of oppression is breaking down under the strain of ecological and social limits. Will it be replaced by a new form of oppression, perhaps even more violent and authoritarian, or will we begin to heal and put an end to oppression once and for all? It's a question that only we can answer through our actions.
Many people across the US and the world are trying to answer this question. We are getting smarter at creating approaches that integrate both ecological justice and social justice. More and more people are beginning to see that economic growth is not the goal. The capitalist economy is large but poor it does not meet the needs of the majority of humanity or the needs of the planet. We can create an economy that is smaller but richer. Some examples of people who developing and spreading this knowledge are the de-growth movement which is getting stronger in Europe, and the Post-Carbon Institute in the United States. Yes! Magazine and Democracy Now! are two media outlets that regularly highlight the solutions we need.
Detroit, more than any other city, displays the hope springing from the cracks in capitalist crisis. Detroit was once the home of the automobile industry, the example of technologic progress in America. That industry has fled and left tremendous disinvestment and poverty in its wake. But solutions are coming from the community. Poor black people are turning vacant lots into urban gardens and organic farms, so that now Detroit has more urban agriculture than any city in the US. Detroit City of Hope, an effort connected with 95-year-old long-time community activist Grace Lee Boggs, is helping to coordinate efforts between community organizations re-imagining sustainable development in what used to be the "motor city." Like a phoenix rising from the ashes, Detroit shows us that by joining together in a spirit of mutual aid and healing from trauma, regular people can begin to create a new world, now.
What If Capitalism SurvivesAs you point out, any theory can be wrong. So what if capitalism survives this crisis as it did the others? In that case, I see two possible outcomes.
Option 1 is that the world literally comes to an end, either because of catastrophic climate change or nuclear warfare. The planet fries, the seas boil, and all life ceases, including humanity. This possibility is too horrific for me to imagine. I also happen to think it's less likely than the second.
Option 2 is that either through renewed enclosures on the planet and the poor, pure dumb luck, or some combination of the two, President Obama and the world leaders manage to get the global economy back on a trajectory of growth, for another few decades. Perhaps they push through "cap and trade" and sell the atmosphere to polluters, opening up a new market for speculation. Or similarly they could force into existence a climate deal that includes REDD agreements that privatize pristine forests and displace the indigenous communities that have lived in them for thousands of years. Maybe they pump enough oil out of the tar sands, known as "the most destructive project on Earth," and waste a lot of money on more nuclear reactors and ethanol plants in desperate attempts to mitigate some of the effects of peak oil. Slavery could be reinstated, perhaps along with debtors' prisons to house the millions of Americans unable to pay back their student loans, credit cards, and mortgages. Or the ruling class could fall back on the tried-and-true strategy of escaping economic crisis by launching another war. They might enlist non-profits, academics, and even some "leftists" to promote the project by calling it neo-Keynesianism, or a Green New Deal, or some other snazzy title.
It sounds plausible. The problem with this option is that these are all, at best, temporary fixes. The fundamental contradiction of a system that requires endless growth on a finite planet would remain in place like the force of gravity on an airborne vehicle. It's not the kind of thing that can be delayed forever. Once the fuel runs out, that sucker's going down. Capitalism has stayed in the air through a lot of crises in the past, but it has only managed to buy more time until the next storm hits and throws the system into jeopardy even more starkly.
Sooner or later, capitalism will lose its forward momentum and there will be no technological fix, no new miracle energy source, no new round of enclosures that can pull it from its nosedive. The End of Capitalism Theory says this day will probably come sooner rather than later, and in that sense it's a hopeful theory. But I think if we study the evidence of the ecological limits, like how soon peak oil is hitting, and the social limits, like the turmoil in China, we'll see the system is either sputtering and about to go down, or has already entered freefall. If capitalism is already hurtling towards the rocks, then I believe the severity of the current crisis which everyone agrees is rivaled only by the Great Depression, and this time is a much more global crash begins to make sense. That's what theories are good for, after all, helping us make sense of our experiences.
Thanks for the wonderful questions!
Alex Knight
July 2010
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Alex Knight is a proponent of the End of Capitalism Theory, which states that the global capitalist system is breaking down due to ecological and social limits to growth and that a paradigm shift toward a non-capitalist future is underway. He is working on a book titled "The End of Capitalism" and seeks a publisher. Since 2007 he has edited the website endofcapitalism.com. He has a degree in electrical engineering and a Master's in political science, both from Lehigh University. He lives in Philadelphia, where he is a teacher and organizer. He can be reached at alex@endofcapitalism.com
Michael Carriere is an assistant professor at the Milwaukee School of Engineering, where he teaches courses on American history, public policy, political science, and urban design. He is currently working on a book, with David Schalliol, titled "The Death and (After) Life of Great American Cities: Twenty-First Century Urbanism and the Culture of Crisis." He holds a Ph.D. in American history from the University of Chicago.
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